1% challenge 2023

craftingmad

It's me again. Progress is slow due to me struggling to concentrate on anything at the moment but I have added £35.60 to the OP pot since my last pot made up of £11 from a wholesale sale to a local farm shop, £1.50 from parking in a free slot when I took our son to the orthodontist and £23.10 from Royal Mail claims for lost items.

My total now stands at £27242.06/£47300 = 57.59% 

Slow progress but at the moment I am just grateful to be making any progress at all x

NeverendingDMP

craftingmad said:

It's me again. Progress is slow due to me struggling to concentrate on anything at the moment but I have added £35.60 to the OP pot since my last pot made up of £11 from a wholesale sale to a local farm shop, £1.50 from parking in a free slot when I took our son to the orthodontist and £23.10 from Royal Mail claims for lost items.

My total now stands at £27242.06/£47300 = 57.59% 

Slow progress but at the moment I am just grateful to be making any progress at all x

Hope you are doing okay, take it easy on yourself, I've just seen your previous post about your sad news. Xx Your progress has been absolutely fab, don't worry it you need to pause for a bit x

x_raphael_xx

Woo! #5 is alive! I'm back!

Starting again, my total debts include:

Credit Card - £500.00

Boss - £2000.00

Mum - £1800.00

BF - £10,550.00

Mortgage - £106,979.65 (as at 20th Jul, I'll be getting a new balance after the Oct payment goes out)

Total = £121,829.65

1% = £1218.30, so I'm going to round up to £1220

Here goes my 1st %!

craftingmad

x_raphael_xx said:

Woo! #5 is alive! I'm back!

Starting again, my total debts include:

Credit Card - £500.00

Boss - £2000.00

Mum - £1800.00

BF - £10,550.00

Mortgage - £106,979.65 (as at 20th Jul, I'll be getting a new balance after the Oct payment goes out)

Total = £121,829.65

1% = £1218.30, so I'm going to round up to £1220

Here goes my 1st %!

Welcome back. Good luck on your journey. 

Would you be better focusing on one debt at a time (or even all your debts minus your mortgage) so your 1% figure is lower? You can then focus on the mortgage once all the other debts are cleared maybe? I find that even my 1% (£473) can be a little demotivating sometimes as often takes a while for me to even reach 0.5%?

Whatever works for you though is good of course.

Do you have any ideas on how you are going to reach each 1%? I'm always on the hunt of new ways to earn/save in order to get my mortgage debts paid off asap   

craftingmad

NeverendingDMP said:

craftingmad said:

It's me again. Progress is slow due to me struggling to concentrate on anything at the moment but I have added £35.60 to the OP pot since my last pot made up of £11 from a wholesale sale to a local farm shop, £1.50 from parking in a free slot when I took our son to the orthodontist and £23.10 from Royal Mail claims for lost items.

My total now stands at £27242.06/£47300 = 57.59% 

Slow progress but at the moment I am just grateful to be making any progress at all x

Hope you are doing okay, take it easy on yourself, I've just seen your previous post about your sad news. Xx Your progress has been absolutely fab, don't worry it you need to pause for a bit x

Thank you x 

The funeral is next week so that is going to be a hard week I think and I will give myself time to spend with my family and also to allow myself to grieve but this week I feel like I'm in limbo so am trying to keep busy to help stop me dwelling on events if I'm honest. 

I do need to be kinder to myself though I think and just looking at how far I have come already is really helping me through.

craftingmad

I've just managed to transfer another £234.05 into the overpayment pot. 
This is made up of £10 voucher from Prime Opinions, £27.45 from Royal Mail claims (to think I never used to claim when parcels were lost!), £156.60 from chip shop wages and £40 which was a birthday gift from my parents. 

Sadly I only have one more payday from the original chippy as they have let me go for the winter season so this is going to impact my ability to add to the percentages considerably. Fingers crossed I can pick up more hours at the other chippy (although that is so quiet at the moment too) and my business picks up for sales very soon. 

My total now stands at £27476.11/£47300 = 58.08%

That's another 0.5% closer to my goal

x_raphael_xx

craftingmad said:

x_raphael_xx said:

Woo! #5 is alive! I'm back!

Starting again, my total debts include:

Credit Card - £500.00

Boss - £2000.00

Mum - £1800.00

BF - £10,550.00

Mortgage - £106,979.65 (as at 20th Jul, I'll be getting a new balance after the Oct payment goes out)

Total = £121,829.65

1% = £1218.30, so I'm going to round up to £1220

Here goes my 1st %!

Welcome back. Good luck on your journey. 

Would you be better focusing on one debt at a time (or even all your debts minus your mortgage) so your 1% figure is lower? You can then focus on the mortgage once all the other debts are cleared maybe? I find that even my 1% (£473) can be a little demotivating sometimes as often takes a while for me to even reach 0.5%?

Whatever works for you though is good of course.

Do you have any ideas on how you are going to reach each 1%? I'm always on the hunt of new ways to earn/save in order to get my mortgage debts paid off asap   

TBH that's pretty much the order in which I'm going to tackle them. Credit card first, as that accrues interest. Then the boss & mum, as I don't want any bad blood from not repaying!

Then BF & mortgage together (I can pay bf back by overpaying the mortgage on his behalf, 2 birds 2 stone )

The only income I have is my monthly wage, so that's where the repayment money is going to come from. I'm luckily in that, after bills, I have a nice little chunk left over of around £700-£800 (Depending on things like birthdays etc). I have made up my budget looking ahead for the next few months, so it is achieveable. I just have to be tough on not spending on non-essentials!
I need to remind myself that the more I spend, the less I have for debts!

craftingmad

TBH that's pretty much the order in which I'm going to tackle them. Credit card first, as that accrues interest. Then the boss & mum, as I don't want any bad blood from not repaying!

Then BF & mortgage together (I can pay bf back by overpaying the mortgage on his behalf, 2 birds 2 stone )

The only income I have is my monthly wage, so that's where the repayment money is going to come from. I'm luckily in that, after bills, I have a nice little chunk left over of around £700-£800 (Depending on things like birthdays etc). I have made up my budget looking ahead for the next few months, so it is achieveable. I just have to be tough on not spending on non-essentials!
I need to remind myself that the more I spend, the less I have for debts!

Sounds like a good plan to me. 
I constantly remind myself before I spend anything do I really need it or would I prefer that money to be used to pay off the mortgages - it does work - most of the time for me  

Good luck

craftingmad

It's payday from chippy number two for me today so I have just transferred over £697.64 into the OP savings pot.
Sums like this make all the hard work worth it  

My total now stands at £28173.75/£47300 = 59.56% 

Just under half a percent to go until I reach the 60% mark. 
I really would love to achieve that before the end of this month so I will have to have a big push and see if I can earn £206.25 from somewhere quickly   

craftingmad

OMG I totally forgot it's interest day on our savings accounts so I can declare a further £359.40 has been added to the OP savings pot.

My total is now £28533.15/£47300 = 60.32%     

I've reached the 60% mark and could not be happier  

Next milestone on my journey is 67% to mark me reaching two thirds of the first BTL mortgage ready to be paid